PIGB: Buhari kicks against 10% for regulatory Commission

President Muhammmadu Buhari’s refusal to assent to the Petroleum Industry Governance BIll ( PIGB) has been traced to provision of 10% revenue allocated to the regulatory commission.

The President said the 10 percent of the revenue generated will unduly increase the funds accruing to the Petroleum Regulatory commission, wondering what will be left for the federation accounts.

The Senior Special Assistant to the President on National Assembly Matters ( Senate) Ita Enang disclosed this while briefing State House Correspondents at the Presidential Villa, Abuja on Wednesday.

According to Enang “ By Presidential communication of JULY 29, 2018 (one month ago) addressed to the Senate and House of Representatives, Mr. president did communicate decline of Assent to the Petroleum Industry Governance Bili. 2018 for constitutional and legal reasons stated therein

“By convention, it is inappropriate to speak on the content of Executive communication addressed to the Legislature until same has been read on the floor in plenary”

ENANG said he had pleaded for the understanding of the legislature that due to the misrepresentations in the public domain and apparent deliberate blackmail which if not promptly addressed may set both the executive and the legislature against the public and even the international investment community, this be excused.

He however dismissed earlier assumptions made in the Media which were adduced as reasons for withholding Assent by President Buhari.

He advanced three major reasons which he said include “That the provision of the Bill permitting the Petroleum Regulatory commission to retain as much as 10% of the revenue generated unduly increases the funds accruing to the Petroleum Regulatory commission to the detriment of the revenue available to the Federal, States, Federal capital Territory and Local governments in the country

“Expanding the scope of Petroleum equalisation fund and some provisions in divergence from this administration’s policy and indeed conflicting provisions on independent petroleum equalisation fund “

He also stated that some legislative drafting concerns which, if Assented to in the form presented will create ambiguity and conflict in interpretation.

“May this please answer some of the issues raised until the communication is read on the floor “

Tony Ailemen